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20130318
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Search Results 0 to 14 of about 15 (some duplicates have been removed)
schoumacher. the federal reserve board is responsible for deciding how much money the economy needs to grow. in the early 1970s, the fed held to a policy of using the money supply to try to keep the economy on course. in times of inflation, the fed tightened the money supply to squeeze excess dollars out of the economy. in times of recession, it increased the money supply to stimulate growth. but in 1975, the fed, under the chairmanship of arthur burns, faced a new and troubling dilemma -- caught between persistent inflation and a growing recession, how did chairman burns keep the economy on course? by late 1974, inflation had become a serious economic problem. under pressure from rising fuel prices, inflation rose to a staggering 12%. inflated interest rates had driven up the price of mortgages and brought the building industry to a standstill. sales of new cars and home appliances plunged. in september, president gerald ford asked congress to join him in a battle against inflation. my first priority is to work with you to bring inflation under control. inflation is domestic enemy number o
cyprus get to this point? >> it is a small country. its economy is based on three things. tourism, a very pleasant place for people to go. shipping, as befits an island. above all, what is euphemistically called finance. in the 1990's and early in this century, what the banks in cyprus did was offer themselves around the world as a wonderful place to come and make a deposit. we will convert whatever currency you have into euros, which is a very good currency to have. we will pay you an unusually high interest rate and ask no questions. this is often called good banking. they got a lot of deposits. depending on the estimates you believe, the total deposits in the bank of cyprus or five to eight times larger than the total gdp of that economy, which is an absurd situation. and those banks in cyprus took all of those deposits and they did what banks are supposed to do, find prudent, safe, non- risky investments. like all the banks and the last 20 years, they failed. they found that investments. they did not to prudently. the banks fell apart. the whole cyprus economy, already impacted by thi
their economy. based on ant was institutions,ree the commission, the ec be, and the imf. the commission has been working hard for many months to facilitate a sustainable i recallto help cyprus i raised the issue of financial results -- assistance program novemberirst time in 2011 with the finance minister of cyprus because of concerns about the sustainability and financial stability. been a particularly complex process in the most challenging of circumstances. already last week, we found ourselves in a situation where there were no optimal solutions ,vailable, only hard choices and that has been even more true in recent days. lagarde said the deal would restore trust in cyprus and banking system. >> it has been a laborious and could result. i would also like to salute the courage of the separate authorities -- the cypriot authorities who are taking on the challenge of putting into place and implementing in the days to, something that will number one protect the injured depositors, number two, treat the two -- the two troubled banks, and limit the treatment to those two banks, and therefore, rest
's economy after a week on the brink of disaster. talks have significantly overrun, adding to fears that the deal is far from certain. we will go live to brussels in a moment. >> president nicos anastasiades left of cyprus behind for a chilly brussels. he is trying to broker a deal with eu finance ministers by monday to secure aid for his beleaguered country. his eu colleagues are demanding the cyprus raise the sum of 5.8 billion euros itself in order to release a rescue loan package. a compulsory levy on savings may be the only answer. but major investors in cyprus's biggest bank, the bank of cyprus, could lose up to 20% of their deposits. not surprisingly, it's an unpopular measure. >> nearly everyone's going to lose some money. of course, the amount will be greater for some than for others. and that's that. >> there is anger at the nation's creditors. >> the germans are only interested in themselves. they don't care about anyone else. >> cyprus's banks have been closed for a week. the european central bank has threatened to cut off the island's emergency funding should no deal be
investors are among the foreign investors in the economy? there must be significant bank deposit losses. the program must tackle the problem at the root. sure that thee plan is in place without dipping cyprus into debt and on sustainability. cyprus has agreed to close down its second-biggest bank, but once to hold on to the biggest. perhaps the biggest problem is the imf and germany, but to be fair they said no, they want to close the bank, even if it means thousands of job losses. >> the syrian forces are reported to have been firing at each other in the highest. the cat -- an informant captured, missiles with ammunition from the base being taken. it is near a highway to the capital. the same base was captured after two weeks of heavy fighting. the arab league has given the syrian seek to the opposition council. one of many countries to recognize them as the legitimate representatives of the syrian people. we are just the sight of the meeting. >> the meeting is ongoing, but i can say that an arab official attended based on the seats from the syrian national coalition. remember in march
for a job for a long time. i am trying to support my children. >> those involved ways government -- economy -- though zimbabwe's economy has begun recovering, full recovery remains elusive. would coste industry at least $1 billion. it is unlikely they will get the funds anytime soon. mohammed adow, al jaazeera. >> two years ago, a visit by the leader of myanmar to australia would have been highly improbable. now, thein sein -- now thein sein has become the first myanmar president to visit australia in four decades. australia is boosting aid. , civilunited states rights groups are taking the new york city's police department to court, claiming that the stop and frisk policy unfairly targets minorities. this east new york city neighborhood, crime and poverty are rampant -- >> in this east new york city neighborhood, crime and poverty are rampant, that many young men say it is the police they fear most. some were afraid to give their last names in describing their dealings with police. >> how are you all doing? >> i have had going -- had guns pointed at me based on my appearance. stop and fri
and the eurozone andng period of uncertainty insecurity surrounding the cyprus economy has in then. avertede we have iterally the possibility of bankruptcy and assure the prospects for generations to come. >> was it really aconite for cyprus? pension and insurance funds face major losses in the big banks. that will hurt ordinary people. lines of credit to small businesses could freeze. austerity will begin to eat into jobs, growth, and salaries. without a deal, cyprus faced immediate ruling. which is, the pain will still come, just perhaps more slowly. will nowd nation receive a $13 billion package of rescue loans, not enough, some predict, to avoid trouble down the road. in europe isry going to decide the pain of being inside the bureau is not risk losingn you 40% of deposits. >> without an agreement, cyprus would have become the first country to leave the euro. that has been averted. aanswered questions include or cost, to whom, and for how long? economice to an historian at the university of cyprus. he said the deal marks the beginning of a long and painful process of reform. >> disaster has
and the people are angry. the economy is on the edge. how is this a win? >> it is a win in a technical stents -- a sense. they would not fund -- because of that overnight agreement, that bankruptcy has been averted. on the ground, in reality, there are people there who are desperate to get money out. there are concerns in brussels about future bailouts. it is only a win in that very narrow definition of not having suffered the first bankruptcy of a national bank in the european union. but beyond that, we wait and see. >> as you indicated, this is not just cyprus. it is much broader. they are concerned to save -- to say the least. what guarantees do they have at their money is safe in the eurozone? >> if you are a small savor in the bank, bureaucrats here will tell you that cyprus was one off. yes, we came close to breaking bank accounts, but it did not quite happen, so rest calm. people responding to that is that so far, every time there has been a a lot or crisis, it has been a one off. greece was a one off and it could not happen again in that form. spain, portugal, italy. what's a cyprus h
economy. we stand together because we share a commitment to helping our fellow human beings around the world. when the earth shakes and floods come, our doctors and rest was reached out to help. when people are suffering, from africa to asia, we partnered to fight disease and overcome hunger. piecend together because must come to the holy land. for even as we are clear-eyed about the difficulties we never lose sight of the vision of israel at peace with its neighbors. so, as i began this is it let me say as clearly as we can, the united states of america stands with the state of israel because it is in our fundamental national security interests, it makes us both stronger, it makes us both a more prosperous, and it makes the world a better place. that is why -- [applause] the united states it was the very first nation to recognize the state of israel 65 years ago. that is why the star of david and the stars and stripes flying together today. that is why i am confident in declaring that our alliance is forever. thank you very much. [applause] >> [speaking in foreign language) >> bar
that at least portions of the economy will be saved. >> let's take you now to brussels and speak to al-jazeera's harry smith. the finance ministers are likely to discuss this possible deal on sunday in >> i must say it's interesting to hear what he had to say. word hasn't reached us yet. it may have reached the bureaucrats in the building behind us. the lights are still on and talks have been talk dunk taking place behind closed doorkss as jonah said. e know there's been a lot of conferencing and video conferencing between the troika, the -- and the last we heard was that there is still confirmation that meetings will take place here tomorrow, sunday, but meetings are scheduled and i think the fact that they were scheduled and scheduled some days in advance suggests that there was a degree of optimism even if there is no public display of optimism and there was a degree of optimism that some sort of deal would be made and we know it has to be made by monday. at's the date by which the european confirmation that meet will central banks' drip-drip of funding to cyprus would cease. so wha
economy and that europe will do everything that it can to help protect the most vulnerable, but he also says we have unfortunately reached a situation where there are no longer any optimal solutions, so all that is left, he said, are hard choices. whatever happens, even if cyprus days in the eurozone, it will be a tough time for the cyprus people because cyprus and especially the government -- the way the government has been handling this crisis has been criticized by everybody. >> the time table right now is being driven by the deadline by the european central bank. walk us through the next several days. what is on the timetable? case will the cypriot go to the top level of brussels. the president of the european commission and european council have counseled important meetings that were scheduled for next week because they say their presence is required to discuss the case. that already is quite an important signal that everybody is taking the case very seriously, that europe wants to keep cyprus and the european family. in the evening, the cases that we have heard will be discussed b
economy on the verge of bankruptcy. at the meeting earlier, he was being slightly more diplomatic. >> we are here to find a solution this evening. it must the global, it must be fair. it is important that we are in a position to help cyprus handle is financial systems, which involves serious restructuring and controls. the eurozone is doing its bit with its $10 billion -- 10 billion euro loan. it must not only be global, but fair. lows not fair to hit the income savings. >> all the talking going on in brussels among all the politicians, the banking, financial leaders, people in cyprus are extremely concerned to know exactly what is going to happen to the future of their country. >> they must be watching all of this very nervously indeed. there were earlier some optimistic noises coming out of cyprus. they were saying they were making significant progress. i have not heard the word significant used here, though i have heard a college meant that progress has been made. -- an acknowledgment that progress has been made. against cyprus, it's time to pray. for many in this deeply orthodox coun
up lima by going after cartels who control the transport system and regulating the economy of street vendors. they've been deeply unpopular among the war and have become fodder in a campaign to drive her out. >> the process underway is tainted with aggression, lies, distortion, misinformation, manipulation, and even worse, insult at my condition as a woman. it's injuring our citizens and causing negative visions. >> the recall vote is believed to be spearheaded by a former mayor looking for a comeback. he denies those allegations but controls the capital with significant influence as politicians jockey for power ahead of the elections. al jazeera. >> in southwestern colombia, soldiers conducted a raid in the jungle and seized nearly four tons of cocaine. they say they were hided and the confiscated cocaine had a street value of nearly 90 million dollars. 150,000 people have attended the first sunday prayers delivered by the new pope. before that, in an apparent break of precision and protocol, he met the faithful at ground level walking through the streets in st. annesa's church and
Search Results 0 to 14 of about 15 (some duplicates have been removed)